Benchmark your financial services marketing spend with insights from the Annual Gartner CMO Spend Survey
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Financial Services Marketing: 2024 Benchmarks for CMOs
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Financial services marketing budgets fell from 7.5% in 2023 to 7.0% in 2024.
To achieve growth objectives, CMOs in the financial services sector must drive increased productivity amid budget pressures. The latest Gartner CMO Spend Survey found that financial services CMOs are rethinking resource investment strategies. They are balancing top-of-funnel brand spend with the need to deliver on short-term growth opportunities.
Download the financial services marketing benchmarking report to:
- Benchmark your spend across resources, channels, and programs
- Contextualize financial services marketing budget plans
- Discover strategies to maximize ROI in a constrained budget environment
About Financial Services Marketing
Financial services marketing involves the strategic outreach and communication of client-centric content and resources through various channels, including websites, social media, paid advertising, SEO, email marketing, video, and more. Financial institutions, insurers, investment firms, advisory services, and fintech companies utilize these mediums to attract clients, guide them through the financial services continuum, and maintain their engagement.
For financial services-focused CMOs, mastering these strategies is crucial to effectively navigate the competitive landscape, optimize budget allocations, and drive meaningful client interactions.
Download the financial services marketing benchmark report to gain actionable insights and strategies for navigating current challenges and optimizing your marketing efforts.
Financial Services Marketing FAQs
What is financial services marketing?
Financial services marketing uses various strategies to create awareness of financial products, capture leads, and convert them into loyal customers. It employs two main methods:
- Digital Marketing: Includes blogs, SEO, social media, email marketing, PPC ads, and video marketing for targeted, data-driven campaigns.
- Traditional Marketing: Encompasses TV, radio, print, and signage to reach a broad audience and build brand recognition.
These methods help financial institutions attract clients, guide them through their financial journey, and maintain engagement, driving business growth and customer loyalty.
What is the financial services market?
The financial services market refers to the industry encompassing financial institutions, such as banks, insurers, investment firms, and fintech companies, which provide financial products and services. In the past, these institutions could afford to wait for customers to come to them. However, today's market dynamics have changed due to several factors:
- Commoditization
- Disruptive fintechs
- Lack of trust
- Regulatory barriers
- Digital transformation
- Digitization
Given these challenges, financial institutions rely on financial services marketing to create and implement innovative strategies that drive new business and foster customer loyalty.